PROJC02279 (2) - Laserfiche WebLink

Home Browse Search

H. The District desires to provide adequate security to CWCB for the repayment of the funds borrowed by the District from CWCB. NOW, THEREFORE, THE BOARD OF THE DISTRICT RESOLVES AS FOLLOWS: 1. Attached hereto as Exhibit A is a copy of a contract between CWCB and the District identified as Loan Contract No. C150222, relating to the loan of an amount not to exceed $545,400.00 to the District for the Project (the "Loan Contract"). Attached to the Loan Contract are a Project Summary and forms of a Promissory Note (the "Promissory Note") and a Security Agreement (the "Security Agreement"). The Loan Contract, the Project Summary, the Promissory Note and the Security Agreement may hereafter be collectively refereed to as the "Project Loan Documents". 2. The Board hereby authorizes the District to enter into the Loan Contract, and authorizes the President and the Secretary of the Board to execute the Loan Contract on behalf of the District. The Board further authorizes the District to enter into the PromissoryNote and Security Agreement, and authorizes the President and the Secretary of the Board to execute such documents on behalf of the District. 3 . Once the Proj ect Loan Documents are executed by the President and Secretary of the Board, the fully executed Project Loan Documents shall be delivered to CWCB. Thereafter, the District shall observe and fully perform all terms, conditions and obligations of the Project Loan Documents. The officers and employees of the District shall be authorized to and are directed to take all actions required of the District in the Project Loan Documents and to comply with, observe and perform all obligations of the District as set forth in the Project Loan Documents. 4. Pursuant to Paragraph A.8. of the Loan Contract, the District irrevocably pledges to CWCB, as collateral for securing repayment of the loan identified in the Loan Contract, revenues levied by the District for that purpose and any other funds legally available to the District, in an amount sufficient to pay the annual payments due under the Loan Contract. Such pledge of revenues includes all of the agreements and covenants set forth in Paragraph A.8. of the Loan Contract. 5. After the Loan Contract is fully executed by all parties to it, this Resolution shall be irrepealable for the term of the Loan Contract. 6. This Resolution supercedes and replaces the Resolution (CWCB -Stokes Gulch Siphon Contract) adopted by the Board of Directors of the District on June 1, 2006. -2- Appendix 3 to Loan Contract C150222